Agenda

ARCOS DORADOS

3Q2012 Conference Call Presentation

Disclaimer

This presentation contains forward-looking statements that represent our beliefs, projections and predictions

about future events or our future performance. Forward-looking statements can be identified by terminology

such as “may,” “will,” “would,” “could,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,”

“predict,” “potential,” “continue” or the negative of these terms or other similar expressions or phrases.

These forward-looking statements are necessarily subjective and involve known and unknown risks,

uncertainties and other important factors that could cause our actual results, performance or achievements

or industry results to differ materially from any future results, performance or achievement described in or

implied by such statements.

The forward-looking statements contained herein include statements about the Company’s business

prospects, its ability to attract customers, its affordable platform, its expectation for revenue generation and

its outlook. These statements are subject to the general risks inherent in Arcos Dorados' business. These

expectations may or may not be realized. Some of these expectations may be based upon assumptions or

judgments that prove to be incorrect. In addition, Arcos Dorados' business and operations involve numerous

risks and uncertainties, many of which are beyond the control of Arcos Dorados, which could result in Arcos

Dorados' expectations not being realized or otherwise materially affect the financial condition, results of

operations and cash flows of Arcos Dorados. Additional information relating to the uncertainties affecting

Arcos Dorados' business is contained in its filings with the Securities and Exchange Commission. The

forward-looking statements are made only as of the date hereof, and Arcos Dorados does not undertake any

obligation to (and expressly disclaims any obligation to) update any forward-looking statements to reflect

events or circumstances after the date such statements were made, or to reflect the occurrence of

unanticipated events.

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• Pick-up in Brazilian consumption taking longer to materialize

than expected

• Quarter characterized by steep currency devaluation vs. prior

year period in Brazil

• Organic revenue growth of 11.6% o Comparable sales growth of 6.5%

• Adjusted EBITDA and Net Income impacted by currency weakness o Organic Adjusted EBITDA declined 7.3%

• Opening plan on track with net addition of 103 new restaurants (LTM)

• Modified revenue and Adjusted EBITDA growth for 2012

3Q2012 Results & Highlights

FUNDAMENTALS REMAIN STRONG AND WILL FUEL

LONG TERM GROWTH

Solid underlying growth despite weak consumption in Brazil and continuing

geopolitical headwinds in Argentina & Venezuela

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Key Marketing Initiatives

• Arcos Dorados leveraging top brand strength in the market and driving

improved comparable sales and traffic:

o Big Mac

o Triple Cheeseburger

• Systemwide comparable sales growth reflected average check growth:

o Impacted by a decrease in August

Happy Meal sales

• Fourth quarter to include some of the most successful annual promotions

Average check growth during the quarter

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3Q12 Performance: Brazil

• Impacted by continued weak consumer spending and 24.5% currency

depreciation

• +9.2% organic revenue growth

o Comparable sales growth of 3.2% from increased traffic and check

• Growth drivers for the quarter

o Angus

o Triple Cheeseburger

o Rollout of Combined Beverage

Business

Organic revenue gains despite modest economic expansion and

consumer activity

4

3Q12 Performance: NOLAD

• Overall sound economic environment

o Mexico turnaround ongoing

o MFY containing cost pressure

• +8.7% organic revenue growth

o Comparable sales growth of 1.3%

• Dessert category strengthening

• Impacted by Happy Meal promotion in August

Lower contribution of traditionally strong promotional activities

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3Q12 Performance: SLAD

• Strong y-o-y performance

o Healthy consumption in Argentina and Venezuela, despite current

environment

• +17.9% organic revenue growth

o Comparable sales growth of 15.4%

• Growth drivers

o Expanding day parts

o Strengthening value platforms - Combos Ejecutivos

Argentina and Venezuela operations healthy despite headwinds

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3Q12 Performance: Caribbean

• Stable revenues despite ongoing weak output in region

• +4.3% organic revenue growth

o Comparable sales growth of 1.9%

o One net new restaurant sequentially; Reduced and strengthened

restaurant base y-o-y

• Success of Combined Beverage Business creating new consumption

opportunities

Stable growth continues

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62 Restaurant Additions (net)

30 Reimagings

23 Restaurant Additions (net)

23 Reimagings

23 Restaurant Additions (net)

16 Reimagings

7 Restaurant Closings(net)

6 Reimagings

3Q12: New Unit Development & Reimaging

SLAD

Brazil

Caribbean

NOLAD

Number of systemwide

restaurants(1)

556

691

137

496

30%

37%

7%

26%

1,880 100%

8 (1) As of September, 2012; does not include McCafé units & Dessert Centers

3Q12: Adjusted EBITDA Bridge

Adjusted EBITDA variations

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3Q12: Non-Operating Results

Reduced P&L currency exposure and cost of funding

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• Debt restructuring 3Q2011 and April 2012

o Improved alignment of currency cash flows

o Reduction in derivative variations

o Reduction in FX exposure on intercompany loans

o Incurred special charge related to restructuring in July 2011

• Income tax rate of 26.0% in quarter

o On track to achieve effective tax rate for the year of between

31% - 33%

(In millions of U.S. dollars, except ratios) As of As of

September 30, 2012 December 31,

(Unaudited) 2011

Cash & cash equivalents 244.1 176.3

Total Financial Debt (i) 653.1 532.3

Net Financial Debt (ii) 409.0 536.0

Total Financial Debt / LTM Adjusted EBITDA ratio 2.0 1.6

Net Financial Debt / LTM Adjusted EBITDA ratio 1.2 1.0

(i) Total financial debt includes short-term debt, long-term debt and derivative instruments (including the asset

portion of derivatives amounting to $5,263 as a reduction of financial debt)

(ii) Total financial debt less cash and cash equivalents

3Q12: Financial Indicators

Healthy financial ratios

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Looking Ahead

• Maintaining full year effective tax rate

• Modifying full year revenue growth expectations to lower end of 15-17%

range

• Modifying Adjusted EBITDA growth to 3-5% growth

2012 Growth vs. 2011*

Consolidated Revenues 15-17%

Consolidated Adj. EBITDA 3-5%

Effective Tax Rate 31-33%

* Considers constant currency and excludes the CAD related impact on results from 2012 stock

price variations

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For additional information:

Sofia Chellew

Investor Relations

(+5411) 4711-2515

sofia.chellew@ar.mcd.com

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